🇪🇺 Beneficial Ownership: New EU Rules for Transparency and Foreign Trade

Every Intrastat operator knows that transparency and regulatory compliance are fundamental pillars of foreign trade. With the arrival of Directive UE 2024/1640 and its transposition, companies must prepare for a strengthening of beneficial ownership rules, a crucial topic for due diligence and anti-money laundering.

📋 The New EU Directive and the Business Register

The Council of Ministers has preliminarily approved a Legislative Decree transposing key articles of Directive UE 2024/1640. The objective? To improve the transparency of ownership and control structures of companies, legal entities, and trusts. This means more structured and systematic access to beneficial ownership information contained in the Business Register.

The decree introduces new articles governing consultation procedures. Access will be granted to competent authorities via dedicated electronic systems, allowing immediate and direct consultation. Entities obligated for anti-money laundering purposes (e.g., banks, professionals) will also be able to access the data, exclusively for customer due diligence, through accreditation and payment of secretariat fees. The possibility for subjects with “legitimate interest” (journalists, third-sector entities, etc.) to access the information is also foreseen.

⚡ What Changes for Businesses

For companies operating in foreign trade, these changes translate into increased attention to the quality and updating of beneficial ownership data. It will be essential to ensure that the information in the Business Register is always accurate and aligned with reality. Obligated parties designated for consultation will be required to report any inconsistencies, making the system more robust and reliable.

This push for transparency is an opportunity for companies to strengthen their compliance procedures and mitigate risks associated with non-transparent counterparts. Accurate verification of beneficial ownership becomes an essential element for the reputation and security of international transactions.

🎯 What to do

- Verify and Update: Ensure that your company's beneficial ownership data is always correct and up-to-date in the Business Register. - Train Staff: Educate the compliance and due diligence team on the importance of the new provisions and the methods of access and verification. - Adopt Procedures: Integrate a systematic control of counterparties' beneficial ownership into your "Know Your Customer/Supplier" (KYC/KYS) procedures.